Turkey’s government budget posted a TRY 223.2 billion deficit in October 2025, widening from TRY 186.3 billion in the same month a year earlier. Total budget expenditures rose 43.4% year-on-year to TRY 1.37 trillion, driven by higher non-interest spending (+48%) at TRY 1.21 trillion, while interest payments increased 15.6% to TRY 157.4 billion. Meanwhile, budget revenues grew 49.1% from a year earlier to TRY 1.15 trillion, supported by a 51.6% jump in tax receipts to TRY 976 billion, with strong gains in income tax, domestic VAT, and banking & insurance transaction taxes. The country’s primary balance shifted to a TRY 65.8 billion deficit in October 2025, compared with a TRY 50.1 billion deficit last year.